What credit crunch? From Alex Tabarrok:

Back in February I pointed out that despite all the talk of a credit crunch commercial and industrial loans were at an all-time high and increasing. At the time, Paul Krugman and others responded that this was just temporary as firms drew on previously existing lines of credit. Well here we are in September and bank credit continues to look very robust. As Robert Higgs points out consumer loans are up, commercial and industrial loans are up, even real estate loans are up. Overall, total bank credit is up with just a slight sign of leveling off in recent weeks. So where is the credit crunch?

All the links are worth following.